Possible COVAL Long Opportunity
Following a decline of 91%, COVAL finally broke out of the downtrend with it's first higher high on August 14th. The retracement lasted until October 2nd where it formed a new higher high on the daily chart. After the RSI hit overbought territory, the price continued to retrace until it hit the .786 fib and bounced. Positive reversal signs can be seen on the 1HR, 1D and 3D chart. RSI is crossing 40 on the 1HR and 3D. PSAR has flipped positive on the daily chart.
Using fib extension for the wave 1 formed on the 3D chart, there shows a potential to hit .061 since it is the 1.68 fib level
Using fib extension for the wave 1 formed on the 3D chart, there shows a potential to hit .061 since it is the 1.68 fib level
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.